The nation has experienced a disappointing recovery from the most recent recession and confronts a projected future defined by weak economic growth. Left unaddressed, this trajectory will result in failing to bequeath to the next generation a more secure and more prosperous nation.
The snow-filled streets of the nation’s capital did slow regulatory output later in the week, as the federal government was officially closed on Monday and Tuesday. However, regulators still managed to publish more than $340 million in burdens; annualized costs were just $28 million, compared to $175 million in benefits.
Research from the American Action Forum (AAF) finds that Dodd-Frank financial reform has led to a 14.5 percent drop in consumer revolving credit since 2010.
After $18 billion in regulatory burdens last week, regulators slowed the pace, reducing regulatory costs. Annualized costs fell by $53 million, compared to $240 million in benefits; paperwork grew by 22,000 hours.
The administration is wasting little time with regulation in 2016. After a $2 billion week to start the year, regulators published $18.1 billion in new rulemakings this week.
The “Clean Power Plan,” a new ozone rule, and a ban on trans fats drove regulatory burdens to their second highest levels under President Obama in 2015. Combined, regulatory costs topped $197 billion, with $99 billion in final rule burdens.
New year, new regulations for 2016. Regulators didn’t slow down, publishing $2.2 billion in regulatory burdens; annualized costs were $2.1 billion, compared to $102 million in annual benefits.
Last night, the House of Representatives passed the “Searching for and Cutting Regulations that are Unnecessarily Burdensome” (SCRUB) Act. SCRUB would establish an independent commission to conduct a review of the Code of Federal Regulations and examine rules that are redundant, impose net costs, unnecessarily burden small businesses, or contribute to wage stagnation.
Recently, the acclaimed Le Cordon Bleu cooking school announced recent government regulations forced the closure of its U.S. campuses. Need proof? Here is the evidence from the school’s website:
Sometimes there is nothing better than the original: "OMB's approval of the U.S. Business Income Tax Return and associated forms is extended until December 31, 2016. This approval reflects the updated accounting that IRS provided to explain the net adjustments, program changes due to new statute, and program changes due to agency discretion. IRS shall submit its next request for an extension of OMB approval before the expiration date, and continue to do so on an annual basis.”
The IRS recently revised its estimated paperwork burden for the Business Income Tax Return by … roughly 2.5 billion annual hours (from 360 million hours to 2.8 billion).
For the first time in months, regulatory costs declined. Led by a Department of Transportation (DOT) rule that cut net costs by $605 million and 21 million paperwork hours, regulatory costs declined by $459 million this week.
A year that featured a final “Clean Power Plan” and ozone rule created many regulatory highlights in 2015. Below is a partially subjective list of the “best” and “worst” of regulation in 2015.
Congress just concluded negotiations for continued appropriations, allowing the federal government to remain open. As it did last year, Congress and the administration compromised on what are known as “appropriations riders,” or policy limitations on federal spending and regulation. Below are 15 items related to regulation in the omnibus package:
It was a slow week for federal regulation, with just $134 million in costs. Annualized costs were $29.9 million, compared to $2 million in benefits; paperwork accelerated by more than 18,000 hours. An EPA proposal on containment monitoring led the week. The per capita regulatory burden for 2015 is $592.